Note 2 - Statement of Net Assets in Liquidation

3 Months Ended

May 05, 2018

Notes to Financial Statements

Liquidation Basis of Accounting [Text Block]

2.

             Statement of Net Assets in Liquidation

As a result of the Board’s approval of the Plan of Liquidation and Dissolution, the Company adopted the Liquidation Basis of Accounting, effective

April 18, 2018.

Under the Liquidation Basis of Accounting, all of the Company’s assets have been stated at their estimated net realizable value and are based on current contracts, estimates and other indications of sales value net of estimated selling costs. All liabilities of the Company have been stated at contractual amounts and those estimated costs associated with implementing the Plan of Liquidation and Dissolution have been stated at their estimated settlement amounts.

The valuation of assets at their net realizable value and liabilities at their anticipated settlement amount represent estimates, based on present facts and circumstances, of the net realizable value of the assets and the costs associated with carrying out the Plan of Liquidation and Dissolution. The actual values and costs associated with carrying out the Plan of Dissolution are expected to differ from amounts reflected in the accompanying financial statements because of the Plan’s inherent uncertainty.